Press release
Fifth Third Reports Second Quarter 2023 Diluted Earnings Per Share of $0.82
Period-end total deposits increased 1% compared to the prior quarter and 2% year-over-year Credit quality remains strong with net charge-off ratio of 0.29%
About this update from Fifth Third Bancorp
[{"type":"text","content":"\nPeriod-end total deposits increased 1% compared to the prior quarter and 2% year-over-year\n\n\nCredit quality remains strong with net charge-off ratio of 0.29% and early stage delinquencies of 0.28%\n\n\nReported results included a negative $0.05 impact from certain items on page 2 of the earnings release\n\n\n CINCINNATI--(BUSINESS WIRE)--\nFifth Third Bancorp (NASDAQ: FITB):\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\nKey Financial Data\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\nKey Highlights\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n$ in millions for all balance sheet and income statement items\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n2Q23\n\n\n\n\n\n\n1Q23\n\n\n\n\n\n\n2Q22\n\n\n\n\n\n\nStability:\n\n\n\n\n\nPeriod-end total deposits increased 1% compared to 1Q23; average total deposits were flat sequentially\n\n\n\n\n\nStrong credit quality metrics; net charge-off ratio of 0.29%, 30-89 day early stage delinquencies of 0.28%, and NPA ratio of 0.54%\n\n\n\n\n\nACL of 2.08%, an increase of 9 bps from 1Q23, reflecting the impact of Dividend Finance and the macroeconomic forecast\n\n\n\n\nProfitability:\n\n\n\n\nCompared to 2Q22\n\n\n\n\n\nRevenue increased 8%, PPNR(a) increased 6% (adjusted PPNR(a) increased 8%), and net income increased 7%\n\n\n\n\n\nTangible book value per share ex. AOCI(a) increased 11%; CET1 increased to 9.5%\n\n\n\n\n\nAdjusted ROTCE ex. AOCI(a) of 15.4% increased 20 basis points\n\n\n\n\n\nDe-emphasizing indirect secured consumer lending, including reducing auto originations ~15% through exit of select non-core states\n\n\n\n\nGrowth:\n\n\n\n\n\nGenerated consumer household growth of 3% compared to 2Q22\n\n\n\n\n\nAcquisition of Rize Money accelerates embedded payments capabilities, including launching \"Newline by Fifth Third\"\n\n\n\n\n \n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n ...